Sep09.pdf

Daily trading plan for September 9, 2010

Recent market movement has been confusing for many traders — understandably, given the chop chop chop inside the narrow range of the last few days.

The ES is is overbought in the short term, but almost every night there is a pullback in overnight trading that releases the overbought pressure. In the past two days dip buyers have kept showing up in the support area.

Today is rollover day and yesterday’s close was the end of the classic monthly and weekly bullish period. ES has already had 4 narrow range days. It is congested around a small top range. At this point It should either move up decisively, or move down decisively — and it should do it soon.

After 11am we begin trading the new contract ESZ0, and the price movement then will show us if the ES will move up and breakout through the 1104.50 resistance line to keep going higher, or fall back to the support area or lower.

Date Added: 2010-09-08 19:30:07
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